Savings Account Experiences

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  trustnoone on 19/05/2019 - 00:59

  This is probably not the most informed answer but any big reason for the change, and way you want to hold that savings? I guess I'm asking because i feel it changes how you save. For example NAB I think is 2.5% while ING is 2.7% (and is seen to be one of the higher ones, thats easy to deal with). But this is for a simple saving account where you can pull money out whenever and use it however (although obvious detriment to the monthly interest).

  But I always thought if you want to save higher then that you kind of have to go further then just a savings account, but possibly one of those long term savings account/retirement accounts/stocks etc? I had a friend tell me you can talk to the bank about investment options and they can give you ones based on risk, amount you want to save, how much you want to put in etc. But the issue is its not easy to pull out, if you need some $$$ in a pinch.

  • 

    Diji1 on 19/05/2019 - 09:25

    The bank is only interested in transferring your money to itself.

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    kryptexAndroid on 19/05/2019 - 14:32

    NAB no longer offer me the ability to withdraw at least once without affecting my bonus interest. Plus, the interest rate has dropped again to 2.30% (0.50% base + 1.80% bonus).

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  edumacation on 19/05/2019 - 01:08

  +1

  If you're under 25 you can sign up with Greater bank, only thing is you can't withdraw in the month and have to increase your amount each month (just put $1 in if you don't want to add more). 3% p/a and hasn't changed since I've been using it

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  Cheeper on 19/05/2019 - 09:58

  +3

  A + for UBank.
  Why do you have the need to be able to visit a local branch?

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  yellowfever on 19/05/2019 - 10:04

  +3

  Ubank is owned by NAB
  MeBank us owned by 26 superannuation companies.
  Both offer free ATM withdrawals from the big 4.

  Nothing to be concerned about using the above.

  You can keep your NAB account as the physical branch that you need for whatever reason.

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  esosite on 19/05/2019 - 11:20

  +1

  Just get ING, physical branches are not really necessary anymore and can keep NAB for that purpose.

  ING has benefit of highest saving rate, free ATMs worldwide and nil international transaction fees (just have to use it a few times each month). Plus they have apple pay/google pay.

  If you don't have a homeloan/offset account the rest are subpar.

  If your wanting better income/interest then an index fund or Vanguard type vehicle would be safest for a modest interest/income, but would still recommend having the interest account regardless

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  scotty on 19/05/2019 - 22:39

  Here's our poll for Best Australian Savings Account for 2019.

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  [Deactivated] on 22/05/2019 - 22:07

  Ubank is terrific but it's hard to figure out at first. There's plenty of pioneers here to sort out any hard questions, plus tons of searchable Ozbargain forum entries.
  If you prefer a bank which has a physical branch, I had best years with Bankwest, but Ubank is much better if your second home is online. I think internet only banking is 100% fine because ubank communication by email and phone has always fixed things easily. Ask around to verify.

  MEbank wasn't much use for me really and very basic.

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  smartblaa on 22/05/2019 - 22:23

  All of the banks mentioned in this thread are Authorised Deposit Institutions (ADIs), and are under guidance of APRA. This means you'll have similar protection of $250k across the board.

  https://www.fcs.gov.au/which-adis-are-covered

  Depending on your savings balance, you could be missing out on alot of interest just because of a personal preference. These days more than ever it's important to shop around beyond the typical Big 4 banks.

  RE: Desire to go with a bank that has branches. Have you considered that you can sign up with an online bank eg. ING, and then use Bank @ Australia Post for a "Branch-Like" experience for deposits/withdrawals etc. Best of both worlds!!…